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Notes to the Consolidated Financial Statements (continued) Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. Automotive Holdings Group <strong>Limited</strong> is a for-profit entity for the purpose of preparing the financial statements. Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets. (a) Compliance with IFRS These consolidated financial statements also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). (b) New accounting standards and interpretations Changes in accounting policy and disclosures The accounting policies adopted are consistent with those of the previous financial year except as follows: None of the new standards and amendments to standards that are mandatory for the first time for the financial year beginning 1 July 2011 affected any of the amounts recognised in the current period or any prior period and are not likely to affect future periods. However, the adoption of AASB 1054 Australian Additional Disclosures and AASB 2011-1 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project enabled the removal of certain disclosures in relation to commitments and the franking of dividends. Early adoption There are no standards available for early adoption that have been early adopted in the current financial year. Accounting standards issued not yet effective The following new/amended accounting standards and interpretations have been issued, but are not mandatory for financial year ended 30 June 2012 and have not been adopted in preparing the financial report for the year ended 30 June 2012. In all cases the entity intends to apply these standards applicable from the period first commencing after the effective date as indicated below: 68 Automotive Holdings Group
2012 Annual Report For the year ended June 2012 AASB reference Title and Affected Standard(s): Nature of Change Application date: Impact on Initial Application AASB 9 (issued December 2009 and amended December 2010) Financial Instruments Amends the requirements for classification and measurement of financial assets. The availablefor-sale and held-to-maturity categories of financial assets in AASB 139 have been eliminated. Under AASB 9, there are three categories of financial assets: • Amortised cost • Fair value through profit or loss • Fair value through other comprehensive income. The following requirements have generally been carried forward unchanged from AASB 139 Financial Instruments: Recognition and Measurement into AASB 9. These include the requirements relating to: • Classification and measurement of financial liabilities; and • De-recognition requirements for financial assets and liabilities. However, AASB 9 requires that gains or losses on financial liabilities measured at fair value are recognised in profit or loss, except that the effects of changes in the liability’s credit risk are recognised in other comprehensive income. Periods commencing on or after 1 January 2015 The entity has financial assets classified as available-for-sale. When AASB 9 is first adopted, the entity will reclassify these into the fair value through profit or loss category. On 1 July 2015, the cumulative fair value changes in the available-for-sale reserve will be reclassified into retained earnings and subsequent fair value changes will be recognised in profit or loss. These changes apply prospectively so comparatives do not need to be restated. The entity does not have any financial liabilities measured at fair value through profit or loss. There will therefore be no impact on the financial statements when these amendments to AASB 9 are first adopted. AASB 10 (issued August 2011) Consolidated Financial Statements Introduces a single ‘control model’ for all entities, including special purpose entities (SPEs), whereby all of the following conditions must be present: • Power over investee (whether or not power used in practice) • Exposure, or rights, to variable returns from investee • Ability to use power over investee to affect the entity’s returns from investee. Annual reporting periods commencing on or after 1 January 2013 When this standard is first adopted for the year ended 30 June 2014, there is not anticipated to be any material impact on the Group based on the transactions and balances recognised in the 2012 financial statements. Automotive Holdings Group 69
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